Maven Leisure is anticipating opening at least seven premium bars in central London locations after the £2.3m in EIS-qualifying equity and £2m in mezzanine debt was raised.
The £4.3m sum, closed by private equity investment firm Growthdeck, will be used to acquire some “prime landmark” sites in the capital city amid “very favourable conditions”.
A rooftop bar on King William Street in the City of London will open followed by a series of acquisitions over the next 12-24 months.
ETM Group already operates 13 premium pubs, bars and restaurants in central London including Aviary, The Botanist Sloane Square and premium sports bars Greenwood and Redwood.
Chief executive of Maven Leisure, Ed Martin, said: “Hats off to the Growthdeck team in helping Maven raise £4.3m in seven days. It demonstrates the resilience of the wet led central London market in the eyes of our new investors and is testament to the offer and the strength of the team at Maven.”
Head of business development at Growthdeck, Gary Robins, added the investment firm was “thrilled” to be supporting the bar group “as it looks to grow and take advantage of the business landscape in the London bar and hospitality sector.”
Robins added: “Backing the Maven management team presents a brilliant opportunity in London’s premium bar market – they have already built ETM Group to 13 high-profile central London venues.
“This raise allows them to take advantage of highly attractive rents on prime London leisure space and build another successful business on a proven model.”